Zega Financial LLC Takes $267,000 Position in Devon Energy Co. (NYSE:DVN)

Zega Financial LLC acquired a new position in Devon Energy Co. (NYSE:DVN) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 5,630 shares of the energy company’s stock, valued at approximately $267,000.

A number of other hedge funds have also bought and sold shares of the business. Triad Wealth Partners LLC purchased a new position in shares of Devon Energy in the second quarter valued at $27,000. Tradewinds Capital Management LLC bought a new position in Devon Energy in the 1st quarter worth about $30,000. Jones Financial Companies Lllp grew its holdings in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Devon Energy during the second quarter valued at about $34,000. Finally, PSI Advisors LLC lifted its holdings in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Wolfe Research assumed coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Susquehanna lowered their price objective on Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Piper Sandler reduced their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Finally, Morgan Stanley lowered their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.63.

Devon Energy Trading Up 2.1 %

Shares of DVN opened at $40.47 on Wednesday. Devon Energy Co. has a fifty-two week low of $39.02 and a fifty-two week high of $55.09. The firm has a market cap of $25.58 billion, a price-to-earnings ratio of 7.72, a PEG ratio of 1.13 and a beta of 2.03. The firm has a 50 day moving average price of $44.50 and a 200-day moving average price of $47.42. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 earnings per share. As a group, equities research analysts forecast that Devon Energy Co. will post 5.36 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.17%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.